Taseko Announces New, Long-term Labour Agreement at Gibraltar, Updates Status of Gibraltar Mine Shipments

Rhea-AI Summary

Taseko Mines Limited (TGB) announced the ratification of a new long-term labor agreement at its Gibraltar Mine, effective until May 31, 2024. CEO Stuart McDonald expressed optimism that this agreement will enhance operational success and benefit stakeholders. Despite recent flooding in British Columbia, production remains unaffected, although transportation disruptions have delayed shipments of copper concentrate to Vancouver. The company anticipates lower sales volumes for Q4 2021, with excess inventory expected to be sold in early 2022.

Positive

• Long-term labor agreement ratified, providing stability until May 31, 2024.
• Production at Gibraltar Mine unaffected by flooding.

Negative

• Transportation disruptions caused by flooding will result in significantly lower Q4 2021 sales volumes.

VANCOUVER, BC, Nov. 29, 2021 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company") is pleased to announce that its unionized workforce at the Gibraltar Mine has ratified a new, long-term labour agreement. The new agreement will be in place until May 31, 2024.

Stuart McDonald, President and CEO, commented, "We would like to thank all parties involved for their hard work and commitment to the collective bargaining process. We believe the agreement reached this month will set the stage for successful operations at Gibraltar for years to come, with resulting benefits for all Taseko stakeholders, including our employees and the people and communities of the Cariboo region."

Mr. McDonald continued, "Recent flooding in southern British Columbia has not had any impact on production at the Gibraltar Mine, but damage to rail and highway infrastructure has prevented transportation of copper concentrate to the Port of Vancouver over the last two weeks. Rail service is now resuming and is expected to gradually return to normal, but the recent disruptions will impact fourth quarter sales volumes which could be significantly lower than copper production for the period. Any excess concentrate inventory at year-end will be sold in the first quarter of 2022."

Stuart McDonald
President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:

• uncertainties about the effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and contractors) and economic conditions generally and in particular with respect to the demand for copper and other metals we produce;
• uncertainties and costs related to the Company's exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
• uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
• uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
• uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
• uncertainties related to unexpected judicial or regulatory proceedings;
• changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
• changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
• the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
• the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
• the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
• environmental issues and liabilities associated with mining including processing and stock piling ore; and
• labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com, including the "Risk Factors" included in our Annual Information Form.

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SOURCE Taseko Mines Limited

FAQ

What is the new labor agreement duration for Taseko Mines at Gibraltar?

The new labor agreement will be in place until May 31, 2024.

Did recent flooding in British Columbia affect Taseko's production?

No, production at the Gibraltar Mine was not impacted by the flooding.

How will flooding affect Taseko Mines' copper concentrate shipments?

Transportation disruptions have delayed shipments, expected to impact fourth quarter sales volumes significantly.

When does Taseko expect to sell excess copper concentrate inventory?

Excess concentrate inventory is expected to be sold in the first quarter of 2022.